The other day, Tesla and SpaceX CEO Elon Musk announced that he has officially acquired Twitter. Musk is now sharing more details about why he made such a move.
Elon Musk says he bought Twitter to ‘help humanity’
The tech billionaire claims to have bought Twitter to “help humanity” while laying out his goals of taking over the social media platform. In a new tweet today, he said he didn’t “buy” the company to make more money, he did it to help humanity.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
Musk also revealed some of his goals for the company in his latest tweet. He said Twitter should be “warm and welcoming to all.” However, he wrote that he wanted “civilization to have a common digital city square”. But he adds that not all will go well on his way to helping humanity:
Despite our efforts, I acknowledge that failure is highly probable. In addition to abiding by the laws of the country, our platform should be welcoming and tolerant of everyone, a place where people of all ages can choose the experience they want, whether it’s watching movies or playing games.
Elon Musk fuels the Dogecoin rally again
Two days ago, Jane Manchun Wong, a popular tech blogger, returned that Twitter is working on a new crypto wallet prototype. After the rumors, Dogecoin price completed a 40% rally in just two days. Elon Musk, Dogecoin and Twitter are considered bullish signs for many. Elon Musk offered to buy Twitter for $44 billion earlier this year. Later on April 11, Twitter Blue came up with the idea to add Dogecoin as a payment method for its subscription service.
DOGE rose 30% in 10 days to $0.17 after Musk’s pro-crypto recommendation for Twitter. However, it fell as low as $0.05 in June as Musk tried to pull out of the deal, citing Twitter’s concerns about user numbers. Twitter has sued Musk in response. It eventually resulted in the court ruling in its favour. Judge Kathaleen McCormick, the judge overseeing the legal battle, rejected Musk’s attempts to delay the case. He stated that the deal should be completed by October 28, 17.00.
Musk later changed his Twitter bio to “Chief of Twit” on October 26. Later that same day, he made a personal visit to Twitter’s headquarters. This has raised expectations that Musk will close the deal by the court deadline. Moreover, it paved the way for Dogecoin to become an integral part of the Twitter platform.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
cryptocoin.comAs you can follow, crypto whales were also active during the rally.
DOGE price risks: 20% correction
From a technical standpoint, Dogecoin’s recovery is showing signs of exhaustion as its price tests a strong confluence of resistance. On the three-day chart, the confluence consists of three resistance levels:
- Multi-month descending trendline as shown below
- 50-3 day exponential moving average (red wave)
- A horizontal level around $0.08
Considering that DOGE corrected immediately after testing these resistance levels, the coin is likely to go lower. Meanwhile, its bearish target is near the ascending trendline that has acted as support in recent months. According to analyst Yashu Golya, in this scenario, DOGE will increase the price of DOGE to $0.06 in Q4 2022, about 20% below the current price.
Conversely, a decisive break above the resistance confluence could cause DOGE to see the 200-3-day EMA (blue wave) near $0.11 as the next upside target. In other words, a 50% increase from current price levels.
